In the past decade, a host of foreign-based companies have accessed capital by participating in U.S. securities markets. Unfortunately, some of these companies have perpetrated frauds leading to dramatic stock devaluations. As a result, the U.S. Congress passed the Holding Foreign Companies Accountable Act.

a. Describe the HFCAA. 

b. Describe the four requirements of the HFCAA. 

c. Describe the disclosure requirements that companies must follow for each year that their auditor was unable to be inspected by the PCAOB. 

d. What does it mean when a company “goes dark”?